Legg Mason Partners Income Trust NPORT-P Western Asset Ultra-Short Income Fund (Aug 2023 report)

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 54.4%
COMMUNICATION SERVICES - 5.1%
Diversified Telecommunication Services - 1.4%
AT&T Inc., Senior Notes		0.900	%		3/25/24	$	2,970,000	$	2,889,170
NTT Finance Corp., Senior Notes		0.583	%		3/1/24		1,360,000		1,325,363	(a)
Verizon Communications Inc., Senior Notes		0.750	%		3/22/24		780,000		758,924
Verizon Communications Inc., Senior Notes		1.450	%		3/20/26		710,000		644,280
Verizon Communications Inc., Senior Notes		1.680	%		10/30/30		568,000		444,386
Total Diversified Telecommunication Services									6,062,123
Entertainment - 0.6%
Warnermedia Holdings Inc., Senior Notes		3.638	%		3/15/25		1,440,000		1,394,114
Warnermedia Holdings Inc., Senior Notes		6.412	%		3/15/26		230,000		230,373
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		910,000		853,809
Total Entertainment									2,478,296
Media - 2.1%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		700,000		658,697	(a)
Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes (3 mo. Term SOFR + 1.912%)		7.284	%		2/1/24		2,710,000		2,721,299	(b)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		2,820,000		2,771,648
Comcast Corp., Senior Notes		3.950	%		10/15/25		1,230,000		1,198,441
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		130,000		109,827	(a)
Fox Corp., Senior Notes		4.030	%		1/25/24		1,250,000		1,240,342
Total Media									8,700,254
Wireless Telecommunication Services - 1.0%
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		480,000		507,524
Sprint LLC, Senior Notes		7.125	%		6/15/24		1,150,000		1,160,157
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		2,630,000		2,543,957
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		90,000		80,761
Total Wireless Telecommunication Services									4,292,399
TOTAL COMMUNICATION SERVICES									21,533,072
CONSUMER DISCRETIONARY - 3.2%
Automobiles - 1.8%
American Honda Finance Corp., Senior Notes		2.400	%		6/27/24		1,310,000		1,275,562
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		1,800,000		1,679,760
Ford Motor Credit Co. LLC, Senior Notes		4.950	%		5/28/27		610,000		572,950

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      1

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Automobiles - (continued)
General Motors Financial Co. Inc., Senior Notes		2.750	%		6/20/25	$	910,000	$	859,981
General Motors Financial Co. Inc., Senior Notes		1.500	%		6/10/26		1,400,000		1,243,473
Nissan Motor Acceptance Co. LLC, Senior Notes		2.000	%		3/9/26		1,100,000		980,966	(a)
Nissan Motor Co. Ltd., Senior Notes		3.043	%		9/15/23		600,000		599,467	(a)
Toyota Motor Credit Corp., Senior Notes		0.450	%		1/11/24		200,000		196,502
Total Automobiles									7,408,661
Broadline Retail - 0.4%
eBay Inc., Senior Notes		1.400	%		5/10/26		690,000		622,318
Prosus NV, Senior Notes		3.257	%		1/19/27		1,120,000		1,006,497	(a)
Total Broadline Retail									1,628,815
Hotels, Restaurants & Leisure - 0.7%
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		2,660,000		2,513,680
Sands China Ltd., Senior Notes		2.800	%		3/8/27		330,000		287,626
Sands China Ltd., Senior Notes		3.350	%		3/8/29		220,000		183,519
Total Hotels, Restaurants & Leisure									2,984,825
Household Durables - 0.0%††
DR Horton Inc., Senior Notes		2.500	%		10/15/24		130,000		125,385
Specialty Retail - 0.3%
AutoZone Inc., Senior Notes		5.050	%		7/15/26		1,080,000		1,072,528
Home Depot Inc., Senior Notes		2.875	%		4/15/27		310,000		291,118
Total Specialty Retail									1,363,646
TOTAL CONSUMER DISCRETIONARY									13,511,332
CONSUMER STAPLES - 1.6%
Beverages - 0.4%
Anheuser-Busch InBev Worldwide Inc., Senior Notes (3 mo. Term SOFR + 1.002%)		6.301	%		1/12/24		1,495,000		1,495,585	(b)
Personal Care Products - 0.5%
Haleon UK Capital PLC, Senior Notes		3.125	%		3/24/25		1,130,000		1,087,513
Kenvue Inc., Senior Notes		5.350	%		3/22/26		940,000		945,124	(a)
Total Personal Care Products									2,032,637
Tobacco - 0.7%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		1,010,000		956,845
Altria Group Inc., Senior Notes		2.625	%		9/16/26		1,550,000		1,437,992
BAT International Finance PLC, Senior Notes		1.668	%		3/25/26		650,000		588,873
Total Tobacco									2,983,710
TOTAL CONSUMER STAPLES									6,511,932

See Notes to Schedule of Investments.

    2  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ENERGY - 7.2%
Oil, Gas & Consumable Fuels - 7.2%
Chevron USA Inc., Senior Notes		0.687	%		8/12/25	$	120,000	$	110,507
Columbia Pipelines Holding Co. LLC, Senior Notes		6.042	%		8/15/28		660,000		666,636	(a)
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		130,000		116,114	(a)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		2,650,000		2,665,488
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		2,900,000		2,729,374
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		30,000		27,656	(b)(c)
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		730,000		723,142
Energy Transfer LP, Senior Notes		4.750	%		1/15/26		1,160,000		1,136,379
Energy Transfer LP, Senior Notes		5.550	%		2/15/28		630,000		628,355
Enterprise Products Operating LLC, Senior Notes		3.750	%		2/15/25		650,000		632,629
Enterprise Products Operating LLC, Senior Notes		3.700	%		2/15/26		2,850,000		2,750,043
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		1,880,000		1,841,555
EQT Corp., Senior Notes		3.125	%		5/15/26		1,620,000		1,507,755	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		560,000		523,428
EQT Corp., Senior Notes		5.000	%		1/15/29		40,000		37,984
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		1,510,000		1,477,163
MPLX LP, Senior Notes		4.875	%		6/1/25		50,000		49,218
MPLX LP, Senior Notes		1.750	%		3/1/26		1,150,000		1,047,812
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		730,000		667,716
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		170,000		153,217
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		1,400,000		1,397,413
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		1,160,000		1,052,265
QazaqGaz NC JSC, Senior Notes		4.375	%		9/26/27		1,140,000		1,050,909	(a)
Shell International Finance BV, Senior Notes (3 mo. Term SOFR + 0.662%)		6.031	%		11/13/23		850,000		850,923	(b)
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		1,600,000		1,584,818
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,780,000		1,861,336
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		190,000		183,522
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		1,620,000		1,568,284
Williams Cos. Inc., Senior Notes		4.500	%		11/15/23		960,000		957,047
TOTAL ENERGY									29,998,688

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      3

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FINANCIALS - 23.1%
Banks - 14.8%
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)		4.175	%		3/24/28	$	1,600,000	$	1,501,729	(b)
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		3,640,000		3,351,482	(b)
Bank of America Corp., Senior Notes (3.841% to 4/25/24 then SOFR + 1.110%)		3.841	%		4/25/25		1,760,000		1,735,131	(b)
Bank of America Corp., Subordinated Notes (3 mo. USD LIBOR + 0.760%)		6.312	%		9/15/26		200,000		197,134	(b)
Bank of Montreal, Senior Notes		0.625	%		7/9/24		1,650,000		1,579,870
Bank of Montreal, Senior Notes		1.850	%		5/1/25		650,000		611,021
Bank of Nova Scotia, Senior Notes		1.350	%		6/24/26		780,000		697,120
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		3,000,000		2,804,247	(a)(b)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. Term SOFR + 2.497%)		4.705	%		1/10/25		400,000		397,841	(a)(b)
BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant Maturity Rate + 1.450%)		5.125	%		1/13/29		650,000		637,191	(a)(b)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%)		5.950	%		5/15/25		400,000		386,150	(b)(c)
Citigroup Inc., Senior Notes (0.776% to 10/30/23 then SOFR + 0.686%)		0.776	%		10/30/24		2,170,000		2,150,445	(b)
Citigroup Inc., Senior Notes (0.981% to 5/1/24 then SOFR + 0.669%)		0.981	%		5/1/25		2,780,000		2,685,658	(b)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		1,570,000		1,503,322	(b)
Citigroup Inc., Senior Notes (3.290% to 3/17/25 then SOFR + 1.528%)		3.290	%		3/17/26		1,250,000		1,201,310	(b)
Cooperatieve Rabobank UA, Senior Notes		2.625	%		7/22/24		320,000		311,257	(a)
Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury Constant Maturity Rate + 1.220%)		3.649	%		4/6/28		550,000		511,074	(a)(b)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%	��	6/16/26		900,000		838,256	(a)(b)
Danske Bank A/S, Senior Notes (3.773% to 3/28/24 then 1 year Treasury Constant Maturity Rate + 1.450%)		3.773	%		3/28/25		3,380,000		3,327,312	(a)(b)

See Notes to Schedule of Investments.

    4  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
DNB Bank ASA, Senior Notes (1.535% to 5/25/26 then 1 year Treasury Constant Maturity Rate + 0.720%)		1.535	%		5/25/27	$	1,230,000	$	1,092,162	(a)(b)
HSBC Holdings PLC, Senior Notes (0.976% to 5/24/24 then SOFR + 0.708%)		0.976	%		5/24/25		490,000		471,103	(b)
JPMorgan Chase & Co., Senior Notes (0.824% to 6/1/24 then 3 mo. Term SOFR + 0.540%)		0.824	%		6/1/25		2,290,000		2,199,761	(b)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		2,270,000		2,136,069	(b)
JPMorgan Chase & Co., Senior Notes (3 mo. Term SOFR + 1.112%)		6.393	%		1/10/25		1,690,000		1,693,378	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. Term SOFR + 1.262%)		4.023	%		12/5/24		2,980,000		2,964,830	(b)
KeyBank NA, Senior Notes (SOFR + 0.340%)		5.602	%		1/3/24		1,720,000		1,712,540	(b)
Lloyds Banking Group PLC, Senior Notes (3.870% to 7/9/24 then 1 year Treasury Constant Maturity Rate + 3.500%)		3.870	%		7/9/25		250,000		245,298	(b)
Mizuho Financial Group Inc., Senior Notes (0.849% to 9/8/23 then 3 mo. Term SOFR + 0.872%)		0.849	%		9/8/24		400,000		399,864	(b)
Nordea Bank Abp, Senior Notes		0.625	%		5/24/24		2,680,000		2,582,745	(a)
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		610,000		609,659	(b)
Royal Bank of Canada, Senior Notes		3.375	%		4/14/25		1,230,000		1,190,557
Royal Bank of Canada, Senior Notes		1.150	%		7/14/26		2,530,000		2,252,301
Santander UK Group Holdings PLC, Senior Notes (1.673% to 6/14/26 then SOFR + 0.989%)		1.673	%		6/14/27		800,000		704,678	(b)
Sumitomo Mitsui Financial Group Inc., Senior Notes		0.508	%		1/12/24		200,000		196,273
Sumitomo Mitsui Financial Group Inc., Senior Notes (3 mo. Term SOFR + 1.062%)		6.372	%		10/16/23		1,200,000		1,200,638	(b)
Swedbank AB, Senior Notes		3.356	%		4/4/25		1,960,000		1,888,578	(a)
Toronto-Dominion Bank, Senior Notes		1.200	%		6/3/26		2,800,000		2,498,089
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		240,000		239,940	(b)
US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%)		2.215	%		1/27/28		150,000		133,942	(b)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		260,000		259,541	(b)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      5

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT			VALUE
Banks - (continued)
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26	$	4,850,000		$	4,563,569	(b)
Wells Fargo & Co., Senior Notes (3.908% to 4/25/25 then SOFR + 1.320%)		3.908	%		4/25/26		2,770,000			2,679,213	(b)
Westpac Banking Corp., Senior Notes		1.150	%		6/3/26		2,160,000			1,941,150
Total Banks										62,283,428
Capital Markets - 7.0%
Bank of New York Mellon Corp., Senior Notes		2.100	%		10/24/24		1,010,000			974,116
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		450,000			423,077
Charles Schwab Corp., Senior Notes		0.750	%		3/18/24		1,880,000			1,830,828
Charles Schwab Corp., Senior Notes		1.150	%		5/13/26		1,360,000			1,211,386
Credit Suisse AG, Senior Notes		0.495	%		2/2/24		570,000			556,222
Credit Suisse AG, Senior Notes		4.750	%		8/9/24		250,000			246,610
Credit Suisse AG, Senior Notes		7.950	%		1/9/25		300,000			306,050
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,310,000			1,297,291
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		150,000			144,813
Goldman Sachs Group Inc., Senior Notes (0.657% to 9/10/23 then SOFR + 0.505%)		0.657	%		9/10/24		3,000,000			2,997,664	(b)
Goldman Sachs Group Inc., Senior Notes (0.855% to 2/12/25 then SOFR + 0.609%)		0.855	%		2/12/26		4,060,000			3,768,964	(b)
Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%)		0.985	%		12/10/26		7,830,000			7,027,684	(b)
Morgan Stanley, Senior Notes (3.620% to 4/17/24 then SOFR + 1.160%)		3.620	%		4/17/25		2,080,000			2,048,741	(b)
Morgan Stanley, Senior Notes (SOFR + 0.455%)		5.785	%		1/25/24		2,360,000			2,359,816	(b)
UBS AG, Senior Notes		1.250	%		6/1/26		800,000			718,657	(a)
UBS Group AG, Senior Notes		4.125	%		9/24/25		600,000			579,145	(a)
UBS Group AG, Senior Notes (1.494% to 8/10/26 then 1 year Treasury Constant Maturity Rate + 0.850%)		1.494	%		8/10/27		650,000			571,895	(a)(b)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		2,390,000			2,227,461	(a)(b)
Total Capital Markets										29,290,420
Financial Services - 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.875	%		1/16/24		300,000			298,562
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		1,120,000			1,008,354
GA Global Funding Trust, Secured Notes		1.625	%		1/15/26		1,500,000	��		1,342,432	(a)

See Notes to Schedule of Investments.

    6  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Financial Services - (continued)
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25	$	500,000	$	470,577	(a)
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		1,190,000		1,115,659
USAA Capital Corp., Senior Notes		0.500	%		5/1/24		750,000		724,348	(a)
Total Financial Services									4,959,932
Insurance - 0.1%
Allstate Corp., Senior Notes		0.750	%		12/15/25		200,000		180,632
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		390,000		360,172	(a)
Total Insurance									540,804
TOTAL FINANCIALS									97,074,584
HEALTH CARE - 4.3%
Biotechnology - 0.7%
AbbVie Inc., Senior Notes		2.600	%		11/21/24		1,950,000		1,882,260
AbbVie Inc., Senior Notes		3.800	%		3/15/25		300,000		292,297
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		680,000		672,155
Total Biotechnology									2,846,712
Health Care Equipment & Supplies - 0.0%††
Becton Dickinson & Co., Senior Notes		3.363	%		6/6/24		186,000		182,537
Health Care Providers & Services - 2.6%
Centene Corp., Senior Notes		4.250	%		12/15/27		400,000		374,555
Centene Corp., Senior Notes		4.625	%		12/15/29		110,000		101,249
Cigna Group., Senior Notes		3.500	%		6/15/24		1,180,000		1,160,473
CVS Health Corp., Senior Notes		2.625	%		8/15/24		2,440,000		2,367,930
CVS Health Corp., Senior Notes		3.875	%		7/20/25		2,620,000		2,543,025
CVS Health Corp., Senior Notes		3.000	%		8/15/26		250,000		234,304
Humana Inc., Senior Notes		4.500	%		4/1/25		300,000		295,747
Humana Inc., Senior Notes		1.350	%		2/3/27		1,890,000		1,663,168
UnitedHealth Group Inc., Senior Notes		0.550	%		5/15/24		1,210,000		1,168,881
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		800,000		769,478
Total Health Care Providers & Services									10,678,810
Pharmaceuticals - 1.0%
Astrazeneca Finance LLC, Senior Notes		1.200	%		5/28/26		1,370,000		1,237,116
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		3,080,000		2,881,836
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		210,000		194,456
Total Pharmaceuticals									4,313,408
TOTAL HEALTH CARE									18,021,467

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      7

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
INDUSTRIALS - 4.5%
Aerospace & Defense - 2.0%
Boeing Co., Senior Notes		1.433	%		2/4/24	$	3,290,000	$	3,227,025
Boeing Co., Senior Notes		4.875	%		5/1/25		850,000		838,705
Boeing Co., Senior Notes		2.750	%		2/1/26		2,540,000		2,385,161
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		1,010,000		979,264
General Dynamics Corp., Senior Notes		1.150	%		6/1/26		1,030,000		930,865
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		160,000		154,690
Total Aerospace & Defense									8,515,710
Commercial Services & Supplies - 0.0%††
Republic Services Inc., Senior Notes		2.500	%		8/15/24		200,000		193,982
Ground Transportation - 0.3%
Canadian Pacific Railway Co., Senior Notes		1.750	%		12/2/26		1,200,000		1,079,107
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.000	%		2/14/25		400,000		380,165
Machinery - 0.7%
John Deere Capital Corp., Senior Notes		1.050	%		6/17/26		1,040,000		935,603
John Deere Capital Corp., Senior Notes		4.950	%		7/14/28		1,050,000		1,054,210
PACCAR Financial Corp., Senior Notes		1.100	%		5/11/26		710,000		642,481
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		110,000		98,855	(a)
Total Machinery									2,731,149
Passenger Airlines - 0.8%
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		540,000		556,128
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		414,000		414,861	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		2,670,000		2,518,950	(a)
Total Passenger Airlines									3,489,939
Trading Companies & Distributors - 0.6%
Air Lease Corp., Senior Notes		0.700	%		2/15/24		250,000		244,027
Air Lease Corp., Senior Notes		1.875	%		8/15/26		2,180,000		1,951,847
Air Lease Corp., Senior Notes		5.300	%		2/1/28		290,000		285,073
Total Trading Companies & Distributors									2,480,947
TOTAL INDUSTRIALS									18,870,999
INFORMATION TECHNOLOGY - 2.5%
Electronic Equipment, Instruments & Components - 0.3%
Vontier Corp., Senior Notes		1.800	%		4/1/26		1,380,000		1,240,694
Semiconductors & Semiconductor Equipment - 1.2%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.625	%		1/15/24		300,000		297,465
Broadcom Inc., Senior Notes		3.150	%		11/15/25		1,290,000		1,228,335

See Notes to Schedule of Investments.

    8  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Semiconductors & Semiconductor Equipment - (continued)
Intel Corp., Senior Notes		1.600	%		8/12/28	$	1,400,000	$	1,203,744
Microchip Technology Inc., Senior Notes		0.983	%		9/1/24		1,490,000		1,419,508
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,090,000		982,448
Total Semiconductors & Semiconductor Equipment									5,131,500
Software - 0.5%
Oracle Corp., Senior Notes		3.400	%		7/8/24		1,980,000		1,942,893
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		1.400	%		8/5/28		2,380,000		2,047,837
TOTAL INFORMATION TECHNOLOGY									10,362,924
MATERIALS - 2.0%
Chemicals - 0.3%
MEGlobal BV, Senior Notes		4.250	%		11/3/26		1,210,000		1,161,677	(a)
Metals & Mining - 1.0%
Glencore Funding LLC, Senior Notes		1.625	%		9/1/25		1,630,000		1,508,778	(a)
Glencore Funding LLC, Senior Notes		1.625	%		4/27/26		1,030,000		934,046	(a)
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		1,040,000		1,059,974
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		620,000		587,779
Total Metals & Mining									4,090,577
Paper & Forest Products - 0.7%
Fibria Overseas Finance Ltd., Senior Notes		5.500	%		1/17/27		1,060,000		1,058,878
Georgia-Pacific LLC, Senior Notes		0.950	%		5/15/26		1,200,000		1,066,214	(a)
Inversiones CMPC SA, Senior Notes		4.375	%		4/4/27		1,100,000		1,048,119	(a)
Total Paper & Forest Products									3,173,211
TOTAL MATERIALS									8,425,465
REAL ESTATE - 0.1%
Health Care REITs - 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes		3.875	%		6/30/28		430,000		375,081	(a)
UTILITIES - 0.8%
Electric Utilities - 0.8%
Comision Federal de Electricidad, Senior Notes		4.750	%		2/23/27		1,110,000		1,076,595	(a)
NextEra Energy Capital Holdings Inc., Senior Notes		5.749	%		9/1/25		240,000		240,686
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		1,360,000		1,347,573	(a)
Southern California Edison Co., First Mortgage Bonds		0.975	%		8/1/24		910,000		870,974
TOTAL UTILITIES									3,535,828
TOTAL CORPORATE BONDS & NOTES (Cost - $241,997,436)									228,221,372

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      9

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - 17.8%
Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, 2005-4 M2 (1 mo. Term SOFR + 0.819%)		6.134	%		10/25/35	$	493,848	$	458,040	(b)
AMMC CLO Ltd., 2020-23A A1R (3 mo. Term SOFR + 1.302%)		6.610	%		10/17/31		3,120,000		3,105,281	(a)(b)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		600,000		549,805	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A C		2.130	%		8/20/27		940,000		822,317	(a)
Ballyrock CLO Ltd., 2019-2A A1BR (3 mo. Term SOFR + 1.462%)		6.841	%		11/20/30		540,000		538,558	(a)(b)
Barings Private Credit Corp. CLO Ltd., 2023-1A A1 (3 mo. Term SOFR + 2.400%)		7.807	%		7/15/31		620,000		620,000	(a)(b)
Bayview Financial Mortgage Pass-Through Trust, 2006-A M3 (1 mo. Term SOFR + 1.089%)		6.410	%		2/28/41		11,472		11,476	(b)
Black Diamond CLO Ltd., 2017-1A A1AR (3 mo. Term SOFR + 1.312%)		6.657	%		4/24/29		377,972		377,741	(a)(b)
BlueMountain CLO Ltd., 2015-3A A1R (3 mo. Term SOFR + 1.262%)		6.588	%		4/20/31		625,340		623,761	(a)(b)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)		6.578	%		8/19/38		1,250,000		1,215,938	(a)(b)
Cascade MH Asset Trust, 2021-MH1 A1		1.753	%		2/25/46		240,774		206,046	(a)
CCG Receivables Trust, 2021-2 A2		0.540	%		3/14/29		507,948		489,126	(a)
Cedar Funding CLO Ltd., 2016-5A AFRR		1.937	%		7/17/31		2,570,000		2,399,248	(a)
Cerberus Loan Funding LP, 2020-1A A (3 mo. Term SOFR + 2.112%)		7.420	%		10/15/31		253,686		253,578	(a)(b)
CIFC Funding Ltd., 2017-1A AR (3 mo. Term SOFR + 1.272%)		6.605	%		4/23/29		186,481		186,223	(a)(b)
CMFT Net Lease Master Issuer LLC, 2021-1 A1		2.090	%		7/20/51		1,024,744		850,906	(a)
Commonbond Student Loan Trust, 2021-AGS A		1.200	%		3/25/52		444,417		363,001	(a)
Credit Suisse European Mortgage Capital Ltd., 2019-1OTF A (3 mo. USD LIBOR + 2.900%)		8.531	%		8/9/24		925,000		898,269	(a)(b)
Cutwater Ltd., 2015-1A AR (3 mo. Term SOFR + 1.482%)		6.790	%		1/15/29		149,198		149,231	(a)(b)
ECMC Group Student Loan Trust, 2016-1A A (30 Day Average SOFR + 1.464%)		6.744	%		7/26/66		1,630,512		1,631,772	(a)(b)
GECU Auto Receivables Trust, 2023-1A A3		5.630	%		8/15/28		1,280,000		1,276,208	(a)
GM Financial Revolving Receivables Trust, 2021-1 A		1.170	%		6/12/34		5,500,000		4,862,347	(a)
GoldenTree Loan Opportunities Ltd., 2014-9A BR2 (3 mo. Term SOFR + 1.862%)		7.231	%		10/29/29		650,000		650,219	(a)(b)

See Notes to Schedule of Investments.

    10  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Golub Capital Partners CLO Ltd., 2018-36A B (3 mo. Term SOFR + 1.912%)		7.281	%		2/5/31	$	1,480,000	$	1,433,028	(a)(b)
Golub Capital Partners CLO Ltd., 2020-47A A1 (3 mo. Term SOFR + 1.942%)		7.311	%		5/5/32		1,220,000		1,225,641	(a)(b)
Golub Capital Partners CLO Ltd., 2020-49A AR (3 mo. USD LIBOR + 1.530%)		7.118	%		8/26/33		690,000		682,389	(a)(b)
GoodLeap Sustainable Home Solutions Trust, 2021-5CS A		2.310	%		10/20/48		807,853		624,650	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. USD LIBOR + 1.900%)		7.378	%		12/20/29		1,110,921		1,109,923	(a)(b)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)		6.445	%		7/15/39		1,280,000		1,263,399	(a)(b)
Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.890%)		7.241	%		4/26/31		1,017,000		1,011,658	(a)(b)
Grippen Park CLO Ltd., 2017-1A A (3 mo. Term SOFR + 1.522%)		6.848	%		1/20/30		303,624		303,898	(a)(b)
Grippen Park CLO Ltd., 2017-1A C (3 mo. Term SOFR + 2.562%)		7.888	%		1/20/30		820,000		819,567	(a)(b)
Hertz Vehicle Financing LLC, 2021-1A A		1.210	%		12/26/25		400,000		378,857	(a)
Hertz Vehicle Financing LP, 2021-2A A		1.680	%		12/27/27		1,500,000		1,324,085	(a)
HGI CRE CLO Ltd., 2021-FL2 A (1 mo. USD LIBOR + 1.000%)		6.427	%		9/17/36		1,106,273		1,082,279	(a)(b)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		496,654		407,755	(a)
Home Equity Mortgage Loan Asset-Backed Trust, 2005-C M2 (1 mo. Term SOFR + 0.864%)		6.179	%		10/25/35		534,483		517,861	(b)
KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%)		6.498	%		2/15/39		1,300,000		1,283,905	(a)(b)
Long Beach Mortgage Loan Trust, 2004-5 A5 (1 mo. Term SOFR + 0.674%)		5.989	%		9/25/34		206,707		204,203	(b)
M&T Equipment Notes, 2023-1A A4		5.750	%		7/15/30		1,270,000		1,266,757	(a)
Madison Park Funding Ltd., 2019-35A A1R (3 mo. Term SOFR + 1.252%)		6.578	%		4/20/32		760,000		756,288	(a)(b)
Magnetite Ltd., 2015-14RA A2 (3 mo. Term SOFR + 1.382%)		6.692	%		10/18/31		530,000		530,029	(a)(b)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)		6.506	%		10/16/36		1,160,000		1,148,099	(a)(b)
Midocean Credit CLO, 2017-7A BR (3 mo. Term SOFR + 1.862%)		7.170	%		7/15/29		500,000		493,104	(a)(b)
Midocean Credit CLO, 2018-8A A1R (3 mo. Term SOFR + 1.312%)		6.691	%		2/20/31		1,540,920		1,540,814	(a)(b)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      11

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Midocean Credit CLO, 2018-9A B (3 mo. Term SOFR + 2.012%)		7.338	%		7/20/31	$	2,020,000	$	1,982,978	(a)(b)
Morgan Stanley Capital I Inc. Trust, 2006-NC2 A2D (1 mo. Term SOFR + 0.694%)		6.009	%		2/25/36		929,399		910,633	(b)
MVW LLC, 2020-1A A		1.740	%		10/20/37		605,025		556,232	(a)
Navient Private Education Refi Loan Trust, 2019-A A2A		3.420	%		1/15/43		44,255		42,614	(a)
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + 1.014%)		6.325	%		1/15/43		156,691		155,743	(a)(b)
Navient Student Loan Trust, 2015-1 A2 (30 Day Average SOFR + 0.714%)		6.002	%		4/25/40		792,328		766,730	(b)
Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%)		6.002	%		12/26/69		587,208		581,034	(a)(b)
Nelnet Student Loan Trust, 2015-2A A2 (30 Day Average SOFR + 0.714%)		6.002	%		9/25/42		330,413		322,557	(a)(b)
Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%)		6.458	%		4/20/62		1,550,000		1,530,329	(a)(b)
Nelnet Student Loan Trust, 2021-CA AFL (1 mo. Term SOFR + 0.854%)		6.168	%		4/20/62		1,140,655		1,122,655	(a)(b)
Neuberger Berman CLO Ltd., 2014-17A BR2 (3 mo. Term SOFR + 1.762%)		7.107	%		4/22/29		750,000		743,370	(a)(b)
New Century Home Equity Loan Trust, 2004-2 M2 (1 mo. Term SOFR + 1.044%)		6.359	%		8/25/34		386,673		382,887	(b)
NovaStar Mortgage Funding Trust, 2003-1 M1 (1 mo. Term SOFR + 1.539%)		6.854	%		5/25/33		147,439		136,669	(b)
NovaStar Mortgage Funding Trust, 2003-3 A1 (1 mo. Term SOFR + 0.824%)		6.139	%		12/25/33		907,320		877,453	(b)
Octagon Investment Partners Ltd., 2012-1A AARR (3 mo. Term SOFR + 1.212%)		6.520	%		7/15/29		544,792		543,185	(a)(b)
Octagon Investment Partners Ltd., 2014-1A AAR3 (3 mo. Term SOFR + 1.262%)		6.631	%		2/14/31		260,000		258,698	(a)(b)
OHA Loan Funding Ltd., 2013-2A AR (3 mo. Term SOFR + 1.302%)		6.679	%		5/23/31		754,475		753,559	(a)(b)
Option One Mortgage Loan Trust, 2004-3 M1 (1 mo. Term SOFR + 0.894%)		6.209	%		11/25/34		294,197		287,614	(b)
Option One Mortgage Loan Trust, 2007-FXD1 1A1		5.866	%		1/25/37		228,668		183,407
Oscar US Funding LLC, 2021-2A A4		1.270	%		9/11/28		1,500,000		1,389,962	(a)
Parliament Funding Ltd., 2020-1A AR (3 mo. Term SOFR + 1.512%)		6.838	%		10/20/31		1,591,248		1,581,996	(a)(b)

See Notes to Schedule of Investments.

    12  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Renaissance Home Equity Loan Trust, 2003-2 A (1 mo. Term SOFR + 0.994%)		3.927	%		8/25/33	$	190,352	$	171,385	(b)
RR Ltd., 2018-3A A1R2 (3 mo. Term SOFR + 1.352%)		6.660	%		1/15/30		584,859		584,137	(a)(b)
Saranac CLO Ltd., 2014-3A BR (3 mo. USD LIBOR + 1.850%)		7.370	%		6/22/30		1,100,000		1,079,473	(a)(b)
Silver Rock CLO Ltd., 2020-1A A (3 mo. Term SOFR + 1.912%)		7.238	%		10/20/31		420,000		420,575	(a)(b)
SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. USD LIBOR + 0.270%)		5.822	%		12/15/39		1,180,632		1,134,894	(b)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%)		10.175	%		10/15/41		1,320,312		1,397,193	(a)(b)
SLM Student Loan Trust, 2003-10A A4 (3 mo. USD LIBOR + 0.670%)		6.222	%		12/17/68		659,674		654,721	(a)(b)
SLM Student Loan Trust, 2005-4 B (90 Day Average SOFR + 0.442%)		5.496	%		7/25/55		159,990		150,064	(b)
SLM Student Loan Trust, 2005-7 A4 (90 Day Average SOFR + 0.412%)		5.466	%		10/25/29		46,707		46,617	(b)
SLM Student Loan Trust, 2006-2 A6 (90 Day Average SOFR + 0.432%)		5.486	%		1/25/41		642,563		616,010	(b)
SLM Student Loan Trust, 2013-1 A3 (30 Day Average SOFR + 0.664%)		5.952	%		5/26/55		723,439		703,247	(b)
SLM Student Loan Trust, 2013-6 A3 (30 Day Average SOFR + 0.764%)		6.052	%		6/26/28		763,401		742,314	(b)
SMB Private Education Loan Trust, 2016-B A2B (1 mo. Term SOFR + 1.564%)		6.875	%		2/17/32		66,597		66,635	(a)(b)
SMB Private Education Loan Trust, 2021-A APT2		1.070	%		1/15/53		352,670		304,264	(a)
SMB Private Education Loan Trust, 2021-B A		1.310	%		7/17/51		486,892		431,081	(a)
SMB Private Education Loan Trust, 2021-C A2 (1 mo. Term SOFR + 0.914%)		6.225	%		1/15/53		2,385,045		2,339,632	(a)(b)
SoFi Professional Loan Program Trust, 2020-C AFX		1.950	%		2/15/46		481,383		431,707	(a)
SpringCastle America Funding LLC, 2020-AA A		1.970	%		9/25/37		1,086,229		987,413	(a)
Sunrun Atlas Issuer LLC, 2019-2 A		3.610	%		2/1/55		535,504		470,223	(a)
TCI-Flatiron CLO Ltd., 2016-1A AR3 (3 mo. Term SOFR + 1.100%)		6.408	%		1/17/32		816,597		811,626	(a)(b)
TRP LLC, 2021-1 A		2.070	%		6/19/51		886,536		770,261	(a)
Voya CLO Ltd., 2016-3A A1R (3 mo. Term SOFR + 1.452%)		6.762	%		10/18/31		250,000		249,643	(a)(b)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      13

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Voya CLO Ltd., 2018-4A A1AR (3 mo. Term SOFR + 1.302%)		6.610	%		1/15/32	$	350,000	$	348,473	(a)(b)
VSE VOI Mortgage LLC, 2018-A A		3.560	%		2/20/36		731,945		709,262	(a)
Whitebox CLO Ltd., 2019-1A ANAR (3 mo. Term SOFR + 1.392%)		6.737	%		7/24/32		1,040,000		1,033,841	(a)(b)
Whitehorse Ltd., 2018-12A A (3 mo. Term SOFR + 1.512%)		6.820	%		10/15/31		300,000		298,611	(a)(b)
Woodmont Trust, 2023-12A A1A (3 mo. Term SOFR + 2.500%)		7.620	%		7/25/31		500,000		501,852	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $77,612,901)									74,512,739
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - 14.5%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 0.930%)		6.246	%		9/15/34		500,000		486,736	(a)(b)
Angel Oak Mortgage Trust, 2021-7 A3		2.337	%		10/25/66		305,275		251,426	(a)(b)
AOA Mortgage Trust, 2021-1177 A (1 mo. Term SOFR + 0.989%)		6.300	%		10/15/38		1,890,000		1,726,281	(a)(b)
AREIT Trust, 2021-CRE5 A (1 mo. Term SOFR + 1.194%)		6.508	%		11/17/38		724,204		709,163	(a)(b)
BDS, 2021-FL8 A (1 mo. Term SOFR + 1.034%)		6.346	%		1/18/36		666,826		659,393	(a)(b)
Benchmark Mortgage Trust, 2021-B29 XA, IO		1.147	%		9/15/54		12,372,568		646,493	(b)
Benchmark Mortgage Trust, 2021-B31 A5		2.669	%		12/15/54		620,000		504,070
Benchmark Mortgage Trust, 2023-V3 A3		6.363	%		7/15/56		850,000		872,740	(b)
Benchmark Mortgage Trust, 2023-V3 XA, IO		1.054	%		7/15/56		20,910,429		721,351	(b)
BHMS, 2018-ATLS A (1 mo. Term SOFR + 1.547%)		6.857	%		7/15/35		910,000		894,809	(a)(b)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		337,821		315,301	(a)(b)
BX Commercial Mortgage Trust, 2020-VIV4 A		2.843	%		3/9/44		1,070,000		890,621	(a)
BX Commercial Mortgage Trust, 2021-ACNT A (1 mo. Term SOFR + 0.964%)		6.274	%		11/15/38		1,210,000		1,188,986	(a)(b)
BX Commercial Mortgage Trust, 2021-CIP A (1 mo. Term SOFR + 1.035%)		6.345	%		12/15/38		110,000		107,860	(a)(b)
BX Commercial Mortgage Trust, 2021-SOAR A (1 mo. Term SOFR + 0.784%)		6.095	%		6/15/38		1,021,245		1,002,351	(a)(b)
BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%)		6.125	%		9/15/36		1,460,000		1,422,348	(a)(b)
BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%)		6.300	%		1/17/39		1,570,000		1,535,618	(a)(b)

See Notes to Schedule of Investments.

    14  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term SOFR + 0.414%)		5.729	%		8/25/35	$	1,144	$	1,069	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. Term SOFR + 0.694%)		6.009	%		10/25/35		4,691		4,339	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2005-1A A2 (1 mo. Term SOFR + 0.314%)		5.629	%		1/25/36		1,783		1,602	(a)(b)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		900,076		772,233	(a)(b)
Citigroup Commercial Mortgage Trust, 2017-B1 A4		3.458	%		8/15/50		330,000		301,623
CSMC Trust, 2019-AFC1 A1 (2.573% to 8/1/23 then 3.573%)		3.573	%		7/25/49		101,014		92,903	(a)
CSMC Trust, 2019-AFC1 A2 (2.776% to 8/25/23 then 3.776%)		3.776	%		7/25/49		222,106		204,361	(a)
CSMC Trust, 2019-AFC1 A3 (2.877% to 8/1/23 then 3.877%)		3.877	%		7/25/49		222,106		203,819	(a)
CSMC Trust, 2019-UVIL A		3.160	%		12/15/41		1,480,000		1,242,362	(a)
CSMC Trust, 2020-AFC1 A1		2.240	%		2/25/50		355,468		329,339	(a)(b)
CSMC Trust, 2020-TMIC A (1 mo. Term SOFR + 3.614%)		8.925	%		12/15/35		310,000		309,700	(a)(b)
CSMC Trust, 2021-AFC1 A1		0.830	%		3/25/56		415,403		313,486	(a)(b)
CSMC Trust, 2021-AFC1 A3		1.169	%		3/25/56		415,403		310,343	(a)(b)
CSMC Trust, 2021-NQM3 A3		1.632	%		4/25/66		508,262		418,948	(a)(b)
CSMC Trust, 2021-NQM5 A1		0.938	%		5/25/66		862,711		670,057	(a)(b)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		500,938		413,295	(a)(b)
CSMC Trust, 2021-RPL4 A1		1.796	%		12/27/60		688,161		651,043	(a)(b)
Deephaven Residential Mortgage Trust, 2020-2 A2		2.594	%		5/25/65		44,073		43,801	(a)
Deephaven Residential Mortgage Trust, 2022-1 A1		2.205	%		1/25/67		1,630,937		1,438,023	(a)(b)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		633,411		507,713	(a)(b)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67		332,851		276,369	(a)(b)
ELP Commercial Mortgage Trust, 2021-ELP A (1 mo. Term SOFR + 0.815%)		6.126	%		11/15/38		1,220,000		1,195,310	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KS12 A (30 Day Average SOFR + 0.764%)		5.866	%		8/25/29		1,200,000		1,197,929	(b)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      15

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4945 KF, PAC (30 Day Average SOFR + 0.564%)		5.852	%		9/25/49	$	712,533	$	684,032	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3877 FA, PAC (30 Day Average SOFR + 0.464%)		5.653	%		11/15/40		287		287	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA2 M2 (30 Day Average SOFR + 1.964%)		7.252	%		2/25/50		439,814		441,274	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%)		7.388	%		10/25/33		850,000		842,150	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 19 F		3.072	%		6/1/28		87		87	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		7.588	%		8/25/33		346,259		347,109	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2013-C01 M2 (30 Day Average SOFR + 5.364%)		10.652	%		10/25/23		100,090		100,785	(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C01 M2 (30 Day Average SOFR + 4.514%)		9.802	%		1/25/24		159,742		161,764	(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C02 1M2 (30 Day Average SOFR + 2.714%)		8.002	%		5/25/24		559,525		563,875	(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C04 2M2 (30 Day Average SOFR + 5.114%)		10.402	%		11/25/24		2,666		2,694	(b)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1M2C (30 Day Average SOFR + 2.264%)		7.552	%		10/25/30		320,000		321,436	(a)(b)
Federal National Mortgage Association (FNMA) REMIC, 1997-20 F		3.251	%		3/25/27		1,465		1,448	(b)
Federal National Mortgage Association (FNMA), Grantor Trust, 2000-T6 A3		4.238	%		11/25/40		86,034		83,978	(b)
Federal National Mortgage Association (FNMA), Grantor Trust, 2002-T19 A4		4.686	%		3/25/42		612,134		584,061	(b)

See Notes to Schedule of Investments.

    16  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Federal National Mortgage Association (FNMA), Grantor Trust, 2004-T3 2A		4.324	%		8/25/43	$	372,728	$	362,980	(b)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W6 6A		3.962	%		8/25/42		293,776		279,475	(b)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W8 3F1 (30 Day Average SOFR + 0.514%)		5.802	%		5/25/42		53,568		53,338	(b)
GCAT Trust, 2020-NQM1 A3		2.554	%		1/25/60		1,006,253		940,172	(a)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term SOFR + 0.614%)		5.718	%		2/20/61		48,525		48,289	(b)
Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. Term SOFR + 0.514%)		5.655	%		3/20/63		178,862		176,899	(b)
Government National Mortgage Association (GNMA), 2016-H07 FK (1 mo. Term SOFR + 1.114%)		4.948	%		3/20/66		1,538,287		1,533,358	(b)
Government National Mortgage Association (GNMA), 2017-H15 FN (1 mo. Term SOFR + 0.614%)		5.718	%		7/20/67		762,969		759,729	(b)
Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day Average SOFR + 0.380%)		4.551	%		4/20/70		2,700,905		2,621,730	(b)
Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day Average SOFR + 0.300%)		5.277	%		9/20/71		3,168,895		3,120,455	(b)
GS Mortgage Securities Corp. Trust, 2000-1A A (1 mo. Term SOFR + 0.464%)		5.778	%		3/20/24		55,353		55,358	(a)(b)
GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%)		6.375	%		10/15/36		1,110,000		1,057,735	(a)(b)
HarborView Mortgage Loan Trust, 2005-9 2A1B (1 mo. Term SOFR + 0.854%)		6.168	%		6/20/35		225,188		205,554	(b)
HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR + 1.014%)		6.328	%		6/20/35		185,068		167,942	(b)
Impac CMB Trust, 2005-7 A1 (1 mo. Term SOFR + 0.634%)		5.949	%		11/25/35		164,416		143,592	(b)
IndyMac INDX Mortgage Loan Trust, 2005- AR31 2A1		4.204	%		1/25/36		399,482		363,986	(b)
JPMorgan Mortgage Trust, 2019-LTV3 B2		4.381	%		3/25/50		308,734		276,193	(a)(b)
Legacy Mortgage Asset Trust, 2020-RPL1 A1		3.000	%		9/25/59		936,411		861,505	(a)(b)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      17

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Legacy Mortgage Asset Trust, 2021-GS2 A1, Step bond (1.750% to 4/25/24, 4.750% to 4/25/25 then 5.750%)		1.750	%		4/25/61	$	610,484	$	572,308	(a)
Legacy Mortgage Asset Trust, 2021-GS5 A1, Step Bond (2.250% to 11/25/24 then 5.250%)		2.250	%		7/25/67		1,281,996		1,199,354	(a)
Mill City Mortgage Loan Trust, 2019-1 A1		3.250	%		10/25/69		538,224		510,924	(a)(b)
Mill City Mortgage Trust, 2015-2 M3		3.705	%		9/25/57		960,000		929,645	(a)(b)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB		3.514	%		12/15/49		372,607		357,170
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.022%)		6.333	%		11/15/34		173,277		171,570	(a)(b)
New Residential Mortgage Loan Trust, 2015-1A A3		3.750	%		5/28/52		132,983		122,643	(a)(b)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		90,244		82,563	(a)(b)
New Residential Mortgage Loan Trust, 2017-3A A1		4.000	%		4/25/57		274,942		259,198	(a)(b)
New Residential Mortgage Loan Trust, 2021- NQM3 A1		1.156	%		11/27/56		834,682		682,525	(a)(b)
New York Mortgage Trust, 2005-2 A (1 mo. Term SOFR + 0.774%)		5.759	%		8/25/35		92,469		83,168	(b)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2007-1 1A4		6.138	%		3/25/47		227,178		215,101
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		679,660		531,742	(a)(b)
OBX Trust, 2021-NQM2 A3		1.563	%		5/25/61		685,624		527,432	(a)(b)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		912,250		685,064	(a)(b)
Onslow Bay Mortgage Loan Trust, 2021-NQM4 A1		1.957	%		10/25/61		880,886		707,445	(a)(b)
OPG Trust, 2021-PORT A (1 mo. Term SOFR + 0.598%)		5.909	%		10/15/36		985,447		961,114	(a)(b)
PMT Credit Risk Transfer Trust, 2019-2R A (1 mo. Term SOFR + 3.864%)		9.193	%		5/30/25		152,794		152,644	(a)(b)
PMT Credit Risk Transfer Trust, 2019-3R A (30 Day Average SOFR + 3.814%)		9.118	%		11/27/31		135,527		133,476	(a)(b)
Prime Mortgage Trust, 2006-DR1 2A1		5.500	%		5/25/35		215,029		176,388	(a)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		1,131,445		892,105	(a)(b)
RAMP Trust, 2004-SL4 A5		7.500	%		7/25/32		6,498		2,667
Ready Capital Mortgage Financing LLC, 2021- FL6 A (1 mo. Term SOFR + 1.064%)		6.379	%		7/25/36		911,932		895,116	(a)(b)
Residential Asset Securitization Trust, 2003- A11 A2, PAC (1 mo. Term SOFR + 0.564%)		5.879	%		11/25/33		27,329		26,668	(b)

See Notes to Schedule of Investments.

    18  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%)		6.574	%		5/15/38	$	920,000	$	836,114	(a)(b)
SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%)		6.311	%		1/15/39		1,560,000		1,527,734	(a)(b)
Structured ARM Loan Trust, 2004-2 1A1		4.953	%		3/25/34		76,902		69,568	(b)
Structured Asset Securities Corp., 2005-RF3 2A		3.864	%		6/25/35		306,420		271,333	(a)(b)
Tharaldson Hotel Portfolio Trust, 2018-THL A (1 mo. Term SOFR + 1.164%)		6.481	%		11/11/34		291,629		288,908	(a)(b)
Towd Point Mortgage Trust, 2017-4 A1		2.750	%		6/25/57		134,680		127,722	(a)(b)
Towd Point Mortgage Trust, 2017-6 M1		3.250	%		10/25/57		960,000		845,719	(a)(b)
Towd Point Mortgage Trust, 2019-HY1 B1 (1 mo. Term SOFR + 2.264%)		7.579	%		10/25/48		1,460,000		1,468,670	(a)(b)
Towd Point Mortgage Trust, 2019-HY2 M2 (1 mo. Term SOFR + 2.014%)		7.329	%		5/25/58		1,260,000		1,255,754	(a)(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. Term SOFR + 0.694%)		6.009	%		7/25/45		1,003,673		928,411	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. Term SOFR + 0.834%)		6.149	%		7/25/45		321,682		299,574	(b)
Wells Fargo Commercial Mortgage Trust, 2015- NXS3 ASB		3.371	%		9/15/57		75,660		72,964
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $65,821,140)									60,868,985
MORTGAGE-BACKED SECURITIES - 4.6%
FHLMC - 2.5%
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		6/1/35		1,973,713		1,820,206
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.630%)		3.265	%		1/1/49		4,331,332		4,060,824	(b)
Federal Home Loan Mortgage Corp. (FHLMC) (30 Day Average SOFR + 2.184%)		1.779	%		8/1/51		5,296,154		4,695,618	(b)
Total FHLMC									10,576,648
FNMA - 2.0%
Federal National Mortgage Association (FNMA)		2.500	%		2/1/35		1,466,992		1,364,360
Federal National Mortgage Association (FNMA)		3.000	%		4/1/38 - 2/1/40		1,774,288		1,641,077
Federal National Mortgage Association (FNMA)		4.500	%		11/1/38 - 1/1/59		994,353		965,699

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      19

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		5.500	%		8/1/52	$	4,240,150	$	4,188,394
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity Rate + 2.375%)		6.308	%		9/1/37		258,151		258,322	(b)
Total FNMA									8,417,852
GNMA - 0.1%
Government National Mortgage Association (GNMA) II		3.500	%		9/20/48		24,191		22,186
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50		151,013		127,343
Total GNMA									149,529
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $20,940,005)									19,144,029
SENIOR LOANS - 2.3%
COMMUNICATION SERVICES - 0.6%
Media - 0.6%
Charter Communications Operating LLC, Term Loan B1		7.081 - 7.116	%		4/30/25		759,414		760,538	(b)(e)(f)
Charter Communications Operating LLC, Term Loan B2		7.081 - 7.116	%		2/1/27		492,327		490,730	(b)(e)(f)
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)		7.946	%		9/18/26		493,015		494,488	(b)(e)(f)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. Term SOFR + 2.614%)		7.925	%		1/31/28		590,000		574,660	(b)(e)(f)
TOTAL COMMUNICATION SERVICES									2,320,416
CONSUMER DISCRETIONARY - 0.5%
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1 (1 mo. Term SOFR + 2.864%)		8.182	%		9/23/26		606,677		607,529	(b)(e)(f)
Hotels, Restaurants & Leisure - 0.0%††
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		7.196	%		11/19/26		58,388		58,137	(b)(e)(f)
Specialty Retail - 0.4%
Great Outdoors Group LLC, Term Loan B2 (1 mo. Term SOFR + 3.864%)		9.196	%		3/6/28		488,788		488,177	(b)(e)(f)

See Notes to Schedule of Investments.

    20  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Specialty Retail - (continued)
Harbor Freight Tools USA Inc., 2021 Refinancing Term Loan (1 mo. Term SOFR + 2.864%)		8.196	%		10/19/27	$	487,469	$	485,814	(b)(e)(f)
Rent-A-Center Inc., Term Loan B2 (3 mo. Term SOFR + 3.512%)		8.881	%		2/17/28		515,273		514,629	(b)(e)(f)(g)
Total Specialty Retail									1,488,620
TOTAL CONSUMER DISCRETIONARY									2,154,286
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Pilot Travel Centers LLC, Initial Term Loan B (1 mo. Term SOFR + 2.100%)		7.431	%		8/4/28		538,972		538,444	(b)(e)(f)
FINANCIALS - 0.5%
Financial Services - 0.4%
Hudson River Trading LLC, Term Loan (3 mo. Term SOFR + 3.262%)		8.631	%		3/20/28		541,688		535,786	(b)(e)(f)
Setanta Aircraft Leasing DAC, Term Loan (3 mo. USD LIBOR + 2.000%)		7.538	%		11/5/28		550,000		550,687	(b)(e)(f)
VFH Parent LLC, Initial Term Loan (1 mo. Term SOFR + 3.100%)		8.420	%		1/13/29		544,500		542,186	(b)(e)(f)
Total Financial Services									1,628,659
Insurance - 0.1%
Asurion LLC, New Term Loan B9 (3 mo. USD LIBOR + 3.250%)		8.788	%		7/31/27		541,688		522,219	(b)(e)(f)
Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%)		9.681	%		8/21/28		47,990		46,454	(b)(e)(f)
Total Insurance									568,673
TOTAL FINANCIALS									2,197,332
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.1%
Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 mo. Term SOFR + 2.100%)		7.431	%		11/15/27		468,636		463,511	(b)(e)(f)
Pharmaceuticals - 0.1%
Jazz Financing Lux Sarl, Initial Dollar Term Loan (1 mo. Term SOFR + 3.614%)		8.946	%		5/5/28		441,613		442,165	(b)(e)(f)
TOTAL HEALTH CARE									905,676
INDUSTRIALS - 0.3%
Commercial Services & Supplies - 0.1%
APi Group DE Inc., Initial Term Loan (1 mo. Term SOFR + 2.614%)		7.946	%		10/1/26		450,560		452,090	(b)(e)(f)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      21

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Ground Transportation - 0.2%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. Term SOFR + 2.000%)		7.342	%		12/30/26	$	818,522	$	819,594	(b)(e)(f)
TOTAL INDUSTRIALS									1,271,684
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)		9.331	%		10/16/26		488,636		487,618	(b)(e)(f)
TOTAL SENIOR LOANS (Cost - $9,927,716)									9,875,456
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.8%
U.S. Government Obligations - 0.8%
Federal Farm Credit Banks Funding Corp., Bonds		3.375	%		8/26/24		620,000		608,075
U.S. Treasury Notes		4.000	%		2/29/28		70,000		69,144
U.S. Treasury Notes		3.625	%		5/31/28		2,820,000		2,742,946
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $3,495,915)									3,420,165
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.2%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.2%
SOFR 1-Year Mid-Curve Futures, Put @ $97.000		10/13/23			169		422,500		497,494
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			88		220,000		77,550
SOFR 1-Year Mid-Curve Futures, Put @ $96.000		12/15/23			208		520,000		221,000
TOTAL PURCHASED OPTIONS (Cost - $451,889)									796,044
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $420,247,002)									396,838,790
	RATE			MATURITY DATE		FACE AMOUNT
SHORT-TERM INVESTMENTS - 4.2%
COMMERCIAL PAPER - 3.5%
BPCE SA		6.047	%		4/17/24		5,000,000		4,818,875	(h)
MUFG Bank Ltd.		5.941	%		4/12/24		5,000,000		4,825,719	(h)
Societe Generale SA		6.055	%		4/18/24		5,000,000		4,817,895	(h)
TOTAL COMMERCIAL PAPER (Cost - $14,463,715)									14,462,489

See Notes to Schedule of Investments.

    22  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			SHARES		VALUE
MONEY MARKET FUNDS - 0.7%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $2,933,113)		5.261	%		2,933,113	$	2,933,113	(i)(j)
TOTAL SHORT-TERM INVESTMENTS (Cost - $17,396,828)							17,395,602
TOTAL INVESTMENTS - 98.8% (Cost - $437,643,830)							414,234,392
Other Assets in Excess of Liabilities - 1.2%							5,107,605
TOTAL NET ASSETS - 100.0%						$	419,341,997

†† Represents less than 0.1%.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(c) Security has no maturity date. The date shown represents the next call date.

(d) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

(e) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(f) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(g) Security is valued using significant unobservable inputs (Note 1).

(h) Rate shown represents yield-to-maturity.

(i) Rate shown is one-day yield as of the end of the reporting period.

(j) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2023, the total market value of investments in Affiliated Companies was $2,933,113 and the cost was $2,933,113 (Note 2).

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      23

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

Abbreviation(s) used in this schedule:

ARM	— Adjustable Rate Mortgage
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
PAC	— Planned Amortization Class
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

At August 31, 2023, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS

SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
SOFR 1-Year Mid-Curve Futures, Put		10/13/23	$	96.250		169	$	422,500	$	(210,194	)
SOFR 1-Year Mid-Curve Futures, Put		10/13/23		96.500		169		422,500		(301,031	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.250		176		440,000		(45,100	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.375		416		1,040,000		(140,400	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $397,122)									$	(696,725	)

Abbreviation(s) used in this schedule:

SOFR — Secured Overnight Financing Rate

At August 31, 2023, the Fund had the following open futures contracts:

	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Buy:
3-Month SOFR		215		3/25	$	51,606,894	$	51,508,625	$	(98,269	)
3-Month SOFR		93		3/26		22,393,229		22,414,162		20,933
										(77,336	)
Contracts to Sell:
3-Month SOFR		27		3/24		6,391,743		6,385,500		6,243
U.S. Treasury 2-Year Notes		239		12/23		48,573,435		48,709,320		(135,885	)
U.S. Treasury 5-Year Notes		1,063		12/23		112,881,307		113,657,959		(776,652	)

See Notes to Schedule of Investments.

    24  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Sell continued
U.S. Treasury 10-Year Notes		55		12/23	$	6,051,336	$	6,106,719	$	(55,383	)
U.S. Treasury Long-Term Bonds		13		12/23		1,559,368		1,581,937		(22,569	)
U.S. Treasury Ultra Long- Term Bonds		2		12/23		253,325		258,938		(5,613	)
										(989,859	)
Net unrealized depreciation on open futures contracts									$	(1,067,195	)

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

At August 31, 2023, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION (DEPRECIATION)
	$	103,522,000		1/31/24	5.410%	Daily U.S. Federal Funds Intraday Effective Rate	$	3,388			—	$	3,388
		18,886,000		10/14/24	Daily SOFR Compound annually	2.770% annually		(515,027	)	$	229		(515,256	)
		7,856,000		10/14/27	2.600% annually	Daily SOFR Compound annually		451,295			2,568		448,727
		28,930,000		2/29/28	Daily SOFR Compound annually	4.000% annually		16,619			6,100		10,519
		8,412,000		9/30/29	3.250% annually	Daily SOFR Compound annually		309,071			4,288		304,783
Total	$	167,606,000					$	265,346		$	13,185	$	252,161

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2023 Quarterly Report      25

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of Investments (unaudited) (cont’d) August 31, 2023

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE3			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.IG.40 Index	$	22,000,000		6/20/28	1.000% quarterly	$	(340,808	)	$	(308,715	)	$	(32,093	)

¹  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the underlying securities comprising the referenced index.

²  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

    26  Western Asset Ultra-Short Income Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Ultra-Short Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third

27

Notes to Schedule of Investments (unaudited) (cont’d)

party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

28

Notes to Schedule of Investments (unaudited) (cont’d)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	228,221,372		—	$	228,221,372
Asset-Backed Securities		—		74,512,739		—		74,512,739
Collateralized Mortgage Obligations		—		60,868,985		—		60,868,985
Mortgage-Backed Securities		—		19,144,029		—		19,144,029
Senior Loans:
Consumer Discretionary		—		1,639,657	$	514,629		2,154,286
Other Senior Loans		—		7,721,170		—		7,721,170
U.S. Government & Agency Obligations		—		3,420,165		—		3,420,165
Purchased Options	$	796,044		—		—		796,044
Total Long-Term Investments		796,044		395,528,117		514,629		396,838,790
Short-Term Investments†:
Commercial Paper		—		14,462,489		—		14,462,489
Money Market Funds		2,933,113		—		—		2,933,113
Total Short-Term Investments		2,933,113		14,462,489		—		17,395,602
Total Investments	$	3,729,157	$	409,990,606	$	514,629	$	414,234,392
	��
Other Financial Instruments:
Futures Contracts††	$	27,176		—		—	$	27,176
Centrally Cleared Interest Rate Swaps††		—	$	767,417		—		767,417
Total Other Financial Instruments	$	27,176	$	767,417		—	$	794,593
Total	$	3,756,333	$	410,758,023	$	514,629	$	415,028,985
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	696,725		—		—	$	696,725
Futures Contracts††		1,094,371		—		—		1,094,371
Centrally Cleared Interest Rate Swaps††		—	$	515,256		—		515,256
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		32,093		—		32,093
Total	$	1,791,096	$	547,349		—	$	2,338,445

29

Notes to Schedule of Investments (unaudited) (cont’d)

† See Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2023. The following transactions were effected in such company for the period ended August 31, 2023.

	Affiliate Value at May 31,		Purchased				Sold				Realized		Dividend		Net Increase (Decrease) in Unrealized Appreciation		Affiliate Value at August 31,
	2023		Cost		Shares		Proceeds		Shares		Gain (Loss)		Income		(Depreciation)		2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	69,439,837		69,439,837	$	66,506,724		66,506,724		—	$	234,297		—	$	2,933,113

30